Gazeley Properties - Industrial Development - Welwyn Garden City, Mundells Centre

Date: 09 Dec 2002

Morley Fund Management and Gazeley Properties are to develop a major 3.8 hectare (9.4 acre) industrial/distribution site in Welwyn Garden City, Hertfordshire. The deal follows hot on the heels of the announcement of a joint venture between the two companies to develop the ESAB site located on the M25 in Waltham Cross.

Morley acquired the prime A1(M) site, known as the Mundells Centre, for £6.5 million, which equates to £1.7 million per hectare (£691,489 per acre), from Glaxo SmithKline and simultaneously entered in to a development agreement with Gazeley to develop a single high-bay warehouse facility of 18,580 sq m (200,000 sq ft). The unit, which has a detailed planning consent, incorporates 1,765 sq m (19,000 sq ft) of offices arranged over three storeys.

The Mundells site comprises a series of redundant office, industrial and warehouse buildings totalling 34,930 sq m (376,000 sq ft). Demolition works to level the buildings will commence in January 2003, with the new warehouse facility being actively marketed to attract a top quality occupier seeking a bespoke facility on a pre-let basis. Quoting rents are £83.42 per sq m (£7.75 per sq ft).

Gazeley expects to deliver the new unit under its award winning *FastTrack construction programme, which guarantees delivery of a turnkey building from an amazing 12 week build time.

Commenting on the site, Gazeley development director Nick Redwood said:
“We are pleased to be working with Morley again to deliver a quality scheme which should attract considerable occupier interest. Strategically located sites with planning for buildings of 200,000 sq ft are much sought after in today’s market.”

Morley fund manager, Roger Sporle, commented:
“There are few sites in the northern home counties immediately capable of taking a 200,000 sq ft unit so we are delighted to have secured such a well located property. We are already talking to several interested occupiers.”

GVA Grimley acted for Morley, while Gazeley was represented by Tudor Toone. Jones Lang LaSalle acted for the vendor.

GVA Grimley has been retained as joint letting agent with CB Hillier Parker.

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